关于出售隔夜回购

NO.PZ202209060200004305 问题如下 Whtras cMoynahmost likely make to accomplish the objective outlineon page 5 of his presentation? A.Enter into a fixerate payer swcontra B.Buy long bonfutures contracts C.Sell overnight repurchase agreement SolutionB is correct. To accomplish Moynahan’s objective of increasing the investment exposure of a fully investeportfolio, he woulbuy long bonfutures. Futures contracts embesignificant leverage because they permit the counterparties to gain exposure to a large quantity of the unrlying asset without having to actually transain the asset.A is incorrebecause entering into a fixerate payer swcontrawoulnot increase the portfolio’s investment exposure.C is incorrebecause selling overnight repurchase agreement woulnot increase the portfolio’s investment exposure. the portfolio is fully investe句话是什么意思？我以为是说这个组合已经满仓了，那就没有钱买futures了，毕竟买futures还是有outlay的。但是后来咩有其他可以选还是选了futures。请老师再解读一下。

NO.PZ202209060200004305 问题如下 Whtras cMoynahmost likely make to accomplish the objective outlineon page 5 of his presentation? A.Enter into a fixerate payer swcontra B.Buy long bonfutures contracts C.Sell overnight repurchase agreement SolutionB is correct. To accomplish Moynahan’s objective of increasing the investment exposure of a fully investeportfolio, he woulbuy long bonfutures. Futures contracts embesignificant leverage because they permit the counterparties to gain exposure to a large quantity of the unrlying asset without having to actually transain the asset.A is incorrebecause entering into a fixerate payer swcontrawoulnot increase the portfolio’s investment exposure.C is incorrebecause selling overnight repurchase agreement woulnot increase the portfolio’s investment exposure. 1.题干说了两个目的，一是要从interet rate cline中获利；二是要增加investment exposure,请问目的二怎么理解？只要做了投资都算增加investment exposure么？题目中还有我遗漏掉的实现目的么?2.为什么不选Sell overnight repurchase agreement?前面有老师回答repurchase agreement是站在债券的持有者，融资方的角度看的。比方说A持有债券，把债券卖给了B，卖出价格是P0，约定1天后以P1买回债券。A就实现了这一天的融资，类似于“抵押”债券获得融资。利息就是P1与P0之间的差。站在A的角度，A约定了将来回购债券，所以相当于签订了一个回购协议，称为Repurchase agreement站在B的角度，这个动作刚好是反向的，因为B期初是借出钱拿到债券，合约到期时卖出债券，拿回钱，站在B的视角，就是相当于一个反向回购协议；所以称为Reverse repurchase agreement。sell Overnight repurchase agreement 是把原来的合约给结束了，所以ration就会降低而不是增加。【不理解这句对ration影响的话】

NO.PZ202209060200004305 问题如下 Whtras cMoynahmost likely make to accomplish the objective outlineon page 5 of his presentation? A.Enter into a fixerate payer swcontra B.Buy long bonfutures contracts C.Sell overnight repurchase agreement SolutionB is correct. To accomplish Moynahan’s objective of increasing the investment exposure of a fully investeportfolio, he woulbuy long bonfutures. Futures contracts embesignificant leverage because they permit the counterparties to gain exposure to a large quantity of the unrlying asset without having to actually transain the asset.A is incorrebecause entering into a fixerate payer swcontrawoulnot increase the portfolio’s investment exposure.C is incorrebecause selling overnight repurchase agreement woulnot increase the portfolio’s investment exposure. 预期利率下降，所以增加ration，B是增加ration

NO.PZ202209060200004305 问题如下 Whtras cMoynahmost likely make to accomplish the objective outlineon page 5 of his presentation? A.Enter into a fixerate payer swcontra B.Buy long bonfutures contracts C.Sell overnight repurchase agreement SolutionB is correct. To accomplish Moynahan’s objective of increasing the investment exposure of a fully investeportfolio, he woulbuy long bonfutures. Futures contracts embesignificant leverage because they permit the counterparties to gain exposure to a large quantity of the unrlying asset without having to actually transain the asset.A is incorrebecause entering into a fixerate payer swcontrawoulnot increase the portfolio’s investment exposure.C is incorrebecause selling overnight repurchase agreement woulnot increase the portfolio’s investment exposure. 如题